We asked Manx Telecom boss Gary Lamb a series of questions about the takeover deal that was finalised yesterday.

Q: Does the acquisition have any implications for jobs?

A: We expect it to be good news regarding jobs because it will make Manx Telecom stronger and more able to meet the challenges that lie ahead.

Manx Telecom and Basalt both believe that the acquisition represents the start of an exciting new era for Manx Telecom and our people, including enhanced growth and development opportunities for employees.

Basalt’s interest is a huge vote of confidence in Manx Telecom and in our future, and good news for our customers, employees, and the Isle of Man.

Q: Did the deal have any regulatory telecoms hurdles to overcome before it could go ahead?

A: No, there was no requirement for the acquisition to be approved by the Isle of Man Communications Commission.

Q: Will there be a review of services provided by Manx Telecom now that the acquisition has been completed?

A: As a customer-focused business we constantly review our products and services to ensure that we continue to provide the best quality, choice and value.

The board and I are very confident that Basalt’s investment and support will strengthen our ability to invest in infrastructure, and therefore make it possible to bring even more exciting products and services to our customers.

Q: Is there any possibility that the takeover will affect prices for Manx Telecom services?

A: As with any retail business, pricing is subject to many factors, but we can promise our customers that Manx Telecom will continue to aim to offer the best value for all of our products and services.

Q: Does the takeover mean there might be more money to invest in services in the Isle of Man?

A: Manx Telecom is a strong, profitable and successful company which has a strong track record of substantial investment in the Isle of Man. Basalt wants to continue that investment on the island, and off-island too as we continue to explore exciting international opportunities. With the financial strength and experience of our new owners behind us we’re now in an even better position to invest in communications technology infrastructure, including the next generation of mobile (5G) and fixed line broadband technology (FTTP – Fibre To The Premises).

Q: Will Manx Telecom lobby for Isle of Man Government funding to improve telecoms infrastructure, either as a company or as an industry?

A: We support Isle of Man Government’s aims that are outlined in the National Telecommunications Strategy published in October 2018 by the Department for Enterprise.

That document makes it clear that the island’s immediate priority is high quality internet access, and that 5G will need fibre-based infrastructure to deliver the benefits of the next generation of mobile connectivity.

That will require a massive financial investment.

For example, we estimate that it would cost around £30million to instal FTTP infrastructure across the island. That’s a huge sum for any private sector provider to invest alone.

The acquisition by Basalt strengthens our investment capabilities, but our strategy will continue to be based on our considered view that the interests of the island are best served via public and private sector collaboration regarding investment in FTTP and 5G mobile infrastructure.

Q: The amount of money spent on buying Manx Telecom equates to more than £3,000 for every Isle of Man resident. When does Basalt expect to get a return on its investment?

A: Basalt has a strong track record of investing in strategic infrastructure assets. Its interest in Manx Telecom stems from our proven management ability and highly skilled workforce, stable revenues and long-term stable and predictable cash flows, and growth opportunities on and off-island. As with any other private business the details regarding actual return on investment are commercially sensitive.

Q: Will Manx Telecom management get any extra money from the deal?

A: All Manx Telecom shareholders will profit from the acquisition.